Verizon To Sell Interest In NYC Headquarters For $274M

Law360, New York (September 12, 2013, 9:37 PM EDT) -- Verizon Communications Inc. announced Wednesday it had agreed to sell the upper portion of its 1.8 million-square-foot headquarters on West Street in lower Manhattan for $274 million to a condo developer, continuing the telecom giant's strategy of downsizing its facilities.

Verizon will retain 60 percent — floors 2 through 10, as well as four of the sub-basement levels — of the landmark tower, which was built 87 years ago to house its predecessor New York Telephone. The buyer of the other 22 stories and one sub-basement...
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